From my understanding, the wp_postmeta extends the schema for wp_post. So basically the standard fields/structure for a post will be found in wp_posts, and if any post(s) needed their own set of fields/attributes etc, they would be defined in wp_postmeta table. So I wanted to know if I'm right about this or not?
thanks.
You are absolutely right. If there exist some meta box or "own set of fields/attributes" wp_postmeta table will store those field's values.